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Nifty Bank index Falls, Kotak Bank Slip over 4-pc

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The Nifty Bank index declined 435 points or 1.38 percent in the first-afternoon session on Monday. 

The heavy HDFC Bank’s third-quarter results exceeded expectations. As a result, the Bank index today began trading at 31,923.95, up by 334 points from the last close of 31,590.65

The fall in share prices of Kotak Mahindra Bank and Axis Bank also contributed to the slippage in the index.

 The Nifty bank index touched an intraday high and low of 31,155.35 and 31124.40. During mid-session, the index was trading at 31091.80 with a loss of 398 points as compared to the opening level of 31,923.95. Avail the  Free Nifty trading tips and the latest stock trading tips from the experts.

Shares of RBL Bank slipped the most, down by 4.64 percent, followed by Kotak Mahindra bank, down by 5.56% as top losers in the index.,

Further Federal Bank, Bank of Baroda and Punjab National Bank were too down 2 to 2.50%.  However, ICICI Bank rose marginally by 0.54 percent quoting share price at Rs534.90.

Meantime, the Sensex dropped 350 points at 41595, while the Nifty marked at 12244, down by 107 points at 2.40-pm.